Hoboken doubles meter rates, passes amended Yard Redevelopment Plan

In early March, the hourly rate for the city’s meters will increase to $2, a change supported by the Hoboken Chamber of Commerce and passed with a 5-4 vote Wednesday by the city council.

Council members and the city’s transportation director said that the change is intended to raise revenue as the city faces a deficit in the millions and to free up parking near businesses.

The council also unanimously passed the amended Hoboken Yard Redevelopment following months of revisions and community dialogue. The city and developer LCOR can now enter negotiations to create an agreement for the project, which re-envisions the area near Hoboken Terminal with new commercial towers.

Parking meter rates

The change in meter rates supplements a series of other hikes in parking-related fees in the city. Two weeks ago, the council passed increases for resident permits, parking tickets and vehicle tows. The towing cost will only affect the tow operator, not the car owner.

The date in early March that the new meter rates take effect is still being determined, but residents will be notified in advance, said city spokesman Vijay Chaudhuri.

Higher meter rates may encourage employees of local businesses to park in garages rather than on the street, said Transportation Director Ryan Sharp. That would leave more space for customers.

The council increased meter rates to between $2 and $3.60 for a brief period last year, and the city saw a shift toward garage use, Sharp said.

“That last year was driving employees who used to park on the street and feed the meters for eight hours a day to take advantage of the discount parking program that we had in our municipal garages for $5 for a 12-hour period,” he said. “If you get 100 ... employees to park in those municipal garages instead of on the street, that’s like freeing up 100 parking spaces for eight hours a day at least, which is like freeing up four whole blocks on Washington Street.”

Councilman Michael Russo questioned the effectiveness of higher rates as a means of mitigating overcrowding. He was one of four council members who voted against every parking-related fee hike, saying the burden of balancing the budget shouldn’t be placed on car owners.

Council members and administrators have estimated the incoming budget deficit at between $7 million and $15 million.

Hoboken Yard Redevelopment Plan

Mayor Ravi Bhalla and members of the city council celebrated the unanimous passage of the Hoboken Yard Redevelopment Plan as an example of collaboration amongst all elected to lead the city.

The amended version shrinks the plan passed in 2014 by about 1 million square feet of new construction.

It had to be amended because of a state decision to build a flood wall in an area where the city had planned to build.

Now there will be a commercial building next to Hoboken Terminal, a second building further down Observer Highway that will either be commercial or residential, a redesign of roadway transportation drop-off, and a market in the terminal. The plan also calls for open public space along Observer Highway and a new building on the site of an existing NJ Transit building in years to come.

“I’m pleased that the most updated version of the Hoboken Yard Redevelopment Plan incorporates the extensive community feedback we’ve received over the past several months,” said Mayor Ravi S. Bhalla. “This plan is a win for Hoboken as it provides the framework to both revitalize our downtown region with an emphasis on commercial development, while substantially reducing the size of the overall project and residential density.”

Developer LCOR said it is excited about the opportunity the plan presents.

“We appreciate the leadership demonstrated by the City Council in its unanimous adoption of the amended plan at last night’s meeting,” said LCOR Senior Vice President Brian Barry. “We look forward to continuing our collaboration, working closely with NJ TRANSIT and the city of Hoboken, on this transformative redevelopment project.”

At the time, residents urged the city to reconsider its scale. Many were concerned that new residences would flood the city with new cars. In response, the city eliminated hundreds of parking spaces in the project and made the construction of a residential building conditional on a feasibility analysis.

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